Developer arrested on drug charges repays EDC loan

NEW BEDFORD — The owner of the historic Rodman Candleworks building, whose arrest in October on drug charges was made public this month, has repaid the $225,000 in loans the Economic Development Council granted him for the purchase of the building.

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By NATALIE SHERMAN

southcoasttoday.com

By NATALIE SHERMAN

Posted Jan. 16, 2013 at 12:01 AM
Updated Jan 17, 2013 at 10:40 AM

By NATALIE SHERMAN

Posted Jan. 16, 2013 at 12:01 AM
Updated Jan 17, 2013 at 10:40 AM

» Social News

NEW BEDFORD — The owner of the historic Rodman Candleworks building, whose arrest in October on drug charges was made public this month, has repaid the $225,000 in loans the Economic Development Council granted him for the purchase of the building.

"My intent in taking this action is to remove any potential embarrassment the New Bedford Economic Development Council and the city of New Bedford could face in light of the personal legal situation that I am now facing," Andrew F. Rockett, 45, of Duxbury, wrote in a letter dated Jan. 9.

Rockett pleaded not guilty Oct. 31 to charges including possession of oxycodone and possession of cocaine with intent to distribute, according to records in Wareham District Court. His next court date is Friday.

"I remain confident that I will be completely exonerated when the charges against me have been resolved," he wrote, adding that he intended to continue with development plans initiated with the city.

Mayor Jon Mitchell said the repayment of the EDC loan was a "positive decision."

"We didn't ask him to do that. He did it on his own and that's a sign that he recognizes that the city's reputation is important to this administration," Mitchell said.

The Economic Development Council provided the June 2012 loans to Rockett's Candleworks Ventures for its purchase of the Rodman Candleworks building.

EDC Executive Director Matthew Morrissey said loan applications are typically reviewed by EDC staff, a nine-person loan committee made up of professional bankers and the EDC board, he said.

In this case, Morrissey said the EDC relied on background vetting performed by MassDevelopment, the state's quasi-public development agency, which also loaned Rockett $1,445,000 toward the $1.7 million purchase of the Rodman Candleworks building.

MassDevelopment reviewed Rockett's resume, federal income tax returns, personal financial statements, filings at the Secretary of State's corporate database and his credit report, said spokesman Kelsey Abruzzese. The loan application also asks if the applicant has ever been convicted of a felony.

"We did our due diligence," she said. Rockett has not approached MassDevelopment about repaying that loan, she said.

Editor's note: This story was amended on Jan. 16, 2013, to correct the property toward which Andrew Rockett applied a loan from New Bedford's Economic Development Council.